For the year ending 30 June 2019, Granite Ltd reports the following:

Net profit after tax of $1.2 million.

Granite Ltd commenced the year with 400 000 fully paid ordinary shares. During the year the company:

Issued 80 000 fully paid ordinary shares on 1 November 2018 at the prevailing market price

Purchased back 50 000 fully paid ordinary shares on 1 March 2019 at the prevailing market price

Issued 100 000 partly ordinary shares issued on 1 June 2019 at an issue price of $2.00. The shares were partly paid to $1.00. The partly paid shares carry the right to participate in dividends in proportion to the amount paid as a fraction of the issue price.

For the entire financial year Granite Ltd had 500 000 $1.00 preference shares, which provide dividends at a rate of 10 per cent per year. The dividend rights are cumulative. The preference share dividends were not treated as part of interest expense.

REQUIRED

Compute the basic earnings per share for Granite Ltd for 2019.